Mutual funds attributed the increased interest in SIPs to investor education and robust performance of equity schemes
The fund house will levy an exit load of 0.5 percent if investments are exiting or switching out within two years of the allotment date
The deal value is not yet known but generally, fund houses are valued at 6-7 percent of the total asset under management.
The open-ended fund of funds scheme will deploy up to 90 percent of its assets in units issued by Reliance ETF Junior BeES
Kohlberg Kravis Roberts and Co (KKR), a global private equity (PE) firm is an investor in Avendus Capital. Avendus Capital has raised Rs 1,000 crore in the last two years.
According to Association of Mutual Funds of India (Amfi) data, the inflow has also helped in pushing the assets base of the 42-player MF industry to Rs 23.40 lakh crore at the end of June this year, an increase of 20 per cent from Rs 20.40 lakh crore in June-end 2017.
The scheme will follow a multi-cap approach for an equity allocation and dynamic bond approach for debt allocation
In addition to being the strategic leader for all equity activities, Balasubramaniam will also manage some of the funds on a hands-on basis
SEBI had asked AMFI last year to rank stocks based on their market capitalisation for the convenience of mutual funds
The scheme will deploy at least 65 percent of its corpus in equity and equity-related instruments of small cap companies
The fund house has has lowered the minimum application amount for lump sum investments, systematic investment and transfer plans under two schemes.
Earlier, all three schemes were managed by V Balasubramanian
SIPs continue to be strong contributor with the monthly SIP numbers currently standing at Rs 7,300 crore.
Of the total, Rs 23.40 lakh crore quarterly AUM as of 43 mutual fund players, Rs 22 lakh crore was managed by top 20 fund houses
The minimum redemption amount will be 100 rupees and in multiples of 1 rupee thereafter
This approval is subsequent to the Reserve Bank of India’s (RBI) approval granted to YES BANK to sponsor a Mutual Fund followed by SEBI’s in-principle approval received subsequently
Prior to joining Canara Robeco Mutual Fund, Khandelwal was fund manager with Aegon Life Insurance Company
Pharma funds category was followed by information technology funds that delivered 2.27 percent average returns during the same period.
The fund house has appointed Kamal Gada as fund manager for overseas investments under schemes that invest in foreign securities.
Jain had joined the fund house in June 2017.
The changes have been made after after Shravan Sreenivasula ceased to be the fund manager.
AMFI data shows that these distributors managed close to Rs 5 lakh crore as on March 2018
For these schemes, the fund house will now levy a 1 percent exit load on redemption of units above 15 percent within one year from the date of allotment
The performance of Principal Tax Savings Fund will be benchmarked against Nifty 500 Index.
ICICI Pru MF Fund Manager Mittul Kalawadia said that in the 2018-19 fiscal, the market will remain volatile, due to macro-economic factors, both at the domestic and international levels.